Employers’ objectives in providing benefits:
- Enthusing and motivating employees to work harder.
- Improving staff retention and attraction.
- To foster good morale.
- Improving the health and welfare of employees.
- Being seen as an employer of choice.
- Reducing workplace stress.
- Complying with benefits regulations
- Employee can able to save tax.
Types of Benefits
- Group Medical/Accidental Insurance/ESI
- Provident Fund
- Leave Benefit
- Food Benefits
- Transport &Conveyance Facility
- Medical Allowance
- Shift Allowance
- Mobile Benefit
- Joining Bonus
- Loan facility
- Gratuity
- Bonus/Ex-gratia
- Onsite Job opportunity
- Leave Travel Concession (LTC)/Leave Travel assistance (LTA)
- Education and Development
- Company Performance Bonus
- Longevity bonus
Medical/Accidental Insurance
- Medical Insurance is cashless hospitalization benefit.
- Medical insurance is applicable to employee whose salary is above Rs.15000/-
- Medical insurance covers OMICS Employee and Family members as per grade level.(Family means Self, Spouse, Two Children’s)
- HR will issue the medical cards.
- List of Hospitals and disease covered will be provided along with the card.
- Minimum one day hospitalization is required to avail this facility.
- Employee can go for treatment upto the below mentioned limit.
- Accidental Insurance will applicable, when an employee is meet with accident
- he will received an percentage of amount towards his absenteeism based on effect of accident I,e Incase of lose of organs, recovery and death.
- This is policy is applicable to only OMICS employee.
- Claim process for both Insurance will be circulated to your respective official emailid.
Eligibility Criteria
EMPLOYEE STATE INSURANCE
- Employee whose Gross salary per month is less than or equal to Rs.15000/- are only applicable .
- Employee has to contribute an amount of Rs.1.7% on gross and employer will contribute an 4.75% on gross to ESIC.
- HR will provide cards.
- Benefits :
- Full medical care is provided to an Insured person and his family members.
- There is no ceiling on expenditure on the treatment
- Benefits it covers is Sickness benefit, Maternity, Disablement Benefit, Funeral Expenses and Physical Rehabilitation etc .
- More details will be circulated along with the ESIC link
Provident Fund
- All employees who are onrolls of OMICS(permanent and contract), are eligible for PF as per PF Act.
- Every employee has to contribute 12% of amount on basic pay.
- Similar employer will also contribute 13.6% on Basic .
- Basic will be taken as 40% of gross or maxi Rs.6500/- pm.
- Benefits:
- Pension to Member
- EPFO guarantees the Employer contribution and credits interest at such rates as determined by the Central Government.
- Member can withdraw from this accumulations to cater to financial exigencies.
- On resignation, the member can settle the account and the member gets his PF contribution, Employer Contribution and Interest.
- EDLI
Leave Benefit
- Calendar year means: 1stJanuary to 31st December.
- Leave shall be granted depending upon the exigency of work and on management Approval only.
- Eligible leave is credited on pro-rata to the employees on the 1st of January every year.
- Employees whose date of joining service falls between 1st to the 15th of a month are entitled to get the leave credit for that month.
- Employees whose date of joining service falls between 16th to the end of the month are not entitled for the leave credit for that month.
- Employee during probation period is eligible for only casual leave only.
- Leave shall be granted depending upon the exigency of work and on management Approval only.
- No CL will be carried forward to next calendar year.
- SL &VL are carry forward to next year. But they are not encashed.
Types of leave
Festival & Holiday List: 12 holidays including Republic Day, Independence Day and Gandhi Jayanti .
Casual Leave :Casual Leave is a concession extended to an employee to enable him/her to be absent from duty for short duration to attend to personal Matters/to meet special circumstances which cannot be foreseen and/or on account of any other eventuality to meet personal obligations.
Sick leave : leave when employee is not feeling well.Sick leave availed beyond three consecutive days shall be allowed only if supported by a fitness certificate of the attending physician.
Vacation Leave : It can be taken a stretch of maxi of 8-10 days.
In account of 40 days will be maintained.
Maternity Leave: Applicable to married women, who has complete 6months services in OMICS .
All female married employees may avail maternity leave as per the provisions of the Maternity Benefit Act, 1961 and as per the Rules applicable from time to time.
- Paternity Leave : All male married employee can take a upto 5 days leave.
- Special Leave: The employee is eligible for one optional leave for either Birthday/ Anniversary.
- Compensation Off: On exigency, an employee who worked on holiday (festival/Holiday/Weekly off) eligible for compensation off.
Leave Limit
Food Benefit
- Company will provide meals and snacks to all employees during working days.
- A plate meal is Rs.50/- and snack of worth of Rs.20/-
- Company will provide the coupons for respective
Transportation &Conveyance Reimbursement
- All employee an amount of Rs.800/- PM is made towards conveyance
- To get the benefit from tax, an percentage of Gross salary will made as reimbursement.
- Employee has to submit the bills for the said amount 25th of every month.
- Cab facility is available based on grade level
Medical Reimbursement
- Medical reimbursement is a payment made to an employee against the medical bills produced by him/her subject to his/her entitlement.
- The maximum tax benefit available is Rs.15000 per annum.
Shift Allowance
- Employees who are coming for Night shift are eligible for Night shift allowance
Mobile Benefit
- Company will provide GSM Sim card to the staff.
- Above Mobile limit is only for official calls only.
- Any deviation from the above limit, the same will be deduced from his/her salary.
- Any damage/Loss of the SIM card, the same amount is recovered from Employees.
- Any misuse with company assets will be treated as breach.
Mobile Limits
Joining Bonus
- Joining Bonus is a bonus for just joining the company itself which will be paid to the employee after completion of probation period.
Gratuity
- Gratuity will be paid to employees who are on Permanent employment with OMICS.
- It will be paid to the employees who completed 5yrs of services in OMICS.
- The amount is paid as per Gratuity act.
Longevity Bonus
- Employees who completed one year of services with OMICS are eligible.
- On completion of one year ,an 70% of amount will be deposited ,the 30% of amount will be carry forward to next year.
- If employee break the continuity of the services is not eligible for amount.
Festival Bonus Pay/ Ex-Gratia
- Based on the performance of company we can pay Company performance Bonus to all employees .
- The amount will be divided based on Profits of the company.
- Festival bonus will be deposited every year on Dussera.
- An employees is eligible for one gross salary towards Festival bonus.
Loan Facility
- To meet unforeseen expenses on Medical , House ,Vehicle ETC…
- Employees on the permanent rolls of the company who are confirmed in the service and completed one years service are eligible to apply.
- The final approval authority will be Management.
- Employee has to give an assurance for services atleast for 1year.
Leave Travel Concession (LTC)/Leave Travel assistance (LTA)
- Employee who has completed one years six months of service in OMICS.
- LTA is tax exemption under section 10(5).
- Leave of 7 days for every two years.
- Employer is providing employee on leave to any place in India for himself and his family .
Education and Development
- To build the career development, employer will encourage by providing financial support to employee.
- Company will provide funds for Higher education, Diploma courses and seminars Etc which will help the employee to build his career with OMICS.
- Based on the courses and program employee has to give commitment to service the organization minimum 3 years from the date he get the degree.